Happy New month Playtizens! We have entered the Q2 phase of the GameFi arena and there’s so much to look forward to. First, Arbitrum! For good reasons, this network has been making highlights all through March. Let’s see why.
Over the past year we have seen the blockchain industry finding its nose in every nook and cranny of a potential paradigm-shifting innovation. Web3 gaming, now popularly dubbed as GameFi made a grand entrance into the entertainment industry as we have witnessed so many ebbs and flows as the gaming space actively searches for better utility of blockchain technology for game design, monetization, and optimal user experience.
This development has given way for the emergence of GameFi protocols to bring their contributions to the table by providing DeFi and gaming enthusiasts the opportunity to earn rewards and trade virtual commodities in-game.
The Arbitrum network has made known its stance in promoting the blockchain gaming community as the rapid expansion of the network is driving the development of a diverse range of GameFi protocols that offer exciting features.
Honorworld, Trident, Treasure, and Runblox are just a few of the widely used protocols on Arbitrum right now.
Because of these protocols, players can discover new planets, barter for rare items, and win substantial prizes. In this article, we'll take a look at what separates these GameFi protocols from the rest of the pack:
Honor World Protocol
Honor World is making waves with its innovative GameFi platform. By combining NFTs and DeFi on the Arbitrum blockchain, they're bringing a new level of gaming experience to the forefront. Arbitrum was the optimal network for a project of this magnitude due to its enhanced speed and security.
All characters in Honor World are NFTs based on the ERC721 and ERC1155 protocols including limited-edition Hero NFTs.
Honor World's vision for the future of gaming is nothing short of groundbreaking. Their innovative system combines farming, staking, gaming, DeFi, new financial technologies, and DAOs to explore the infinite possibilities of GameFi. The perks that come with interacting with Honor World include:
LP Farming
Using data from the Binance Smart Chain ecosystem, Honor World's Yield Aggregator finds the best opportunities for mining liquidity. The Yield Aggregator Smart Contract allows users to receive rewards by depositing liquidity provider tokens.
NFT Farming
In Honor World, this is a common way to acquire loot. Staking Hero NFTs allow players to acquire Honor World governance tokens (HWT) that are commensurate to their stake. The amount of HWT given out is roughly equal to the staked farming power of Hero NFTs across the board.
The NFT Marketplace
There is also a decentralized NFT marketplace in Honor World. Heroes NFTs can be bought and sold freely on the NFT Market, giving players a great chance to expand their collections and receive bonuses.
Trident DAO
The team over at Geyser Forge Studios responsible for setting up Trident has a mission statement to create a free-to-play blockchain game that appeals to both crypto enthusiasts and gamerheads.
They claim to have started putting together solutions that will compensate for the issues and roadblocks with the GameFi space by introducing a different framework that they dubbed risk-to-Earn (R2E).
This novel mechanism allows players to wager tokens while playing a game. Trident anticipates releasing the R2E functionality in the second quarter of 2023, with the hope that it will foster a long-term gameplay experience that caters to any demographic of gamers.
Treasure DAO
Treasure is a decentralized Non-Fungible Token (NFT) ecosystem built on Arbitrum, with a focus on metaverse applications. Its objective is to support the growth of decentralized metaverses by providing an NFT marketplace and Bridgeworld gaming and staking platform.
To achieve this goal, Treasure leverages its native $MAGIC token to promote narrative and monetary integration across its various initiatives. The DAO plays a vital role in fostering new initiatives and sustaining established ones by issuing MAGIC tokens.
Runblox
RunBlox is a Web3 App designed to bridge the gap between people and the real world, powered by Openblox. With RunBlox, you can easily track your physical activity, including walking, jogging, and running, promoting a healthier lifestyle.
RunBlox incorporates a unique feature that ties the degradation of shoes in the app to real-life scenarios. The more you use your virtual shoes, the more they will require repairs, just like in the real world. Shoes in the app possess distinct characteristics, such as Hit Points, which determine their durability.
Shoes with higher Hit Points have greater durability and are less prone to decay. In addition, RunBlox features an energy level system that limits the token-earning capacity of users.
To earn tokens, the user's energy level must be sufficient. The type of shoes a user wears impacts their overall earning potential. Furthermore, the RunBlox app is compatible with Apple Watch, providing seamless tracking of physical activity.
Conclusion
GameFi protocols on the Arbitrum network have introduced thrilling prospects for gamers and DeFi enthusiasts alike. With speedy transactions, a vibrant developer community, and an ever-expanding app ecosystem, Arbitrum is well-positioned to become a leading platform for GameFi protocols.
The future of GameFi on Arbitrum holds immense promise, with groundbreaking protocols expected to emerge soon.